The conclusion of talks for an upgraded free trade agreement was announced a day after China and Singapore said they were upgrading bilateral ties.
BEIJING: Singapore and China have completed substantive negotiations on an upgraded free trade agreement that will boost market access for businesses, a day after the countries announced the upgrading of bilateral ties.
Mr Lee was welcomed in an official ceremony and gave an opening speech before observing the signings. Saturday marks the end of his visit to China, which began on Monday. "China spoke highly of Singapore's longstanding participation in China's modernisation journey, which has laid a strong foundation for bilateral cooperation, and expressed support for Singapore's continued growth and prosperity," the statement said.
Singapore and China signed the CSFTA Upgrade Protocol in 2018. Since it came into force in 2019, bilateral trade and investments grew at 7 per cent and 7.7 per cent per year on average respectively, added the ministry. The Chinese and Singapore governments are working through the legal aspects of documentation before the final agreements are signed. The agreement will undergo ratification before coming into force.
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